Guide to Making a Will
Taking the time to make a will protects you from having your assets taken over by your state's legal system. In the absence of a will, states choose someone to handle a deceased person's assets. That means property and finances will be distributed according to the law, irrespective of that person's heirs and wishes.
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Lawyers
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A Nolo article titled "Making a Will: Are Lawyers Optional?" says that lawyers often use standard forms to write wills that are no different than forms included in kits that consumers can use to make their own wills. Yet Nolo warns that there are instances when people should consult with lawyers. For example, small business owners may not know how to handle the rights of surviving owners or their ownership share in a business when writing their own wills. A Bankrate.com article titled "Will Kits: Cheap, Easy and Sometimes Useful" notes that the more wealth people have, the less likely a do-it-yourself kit will be able to accommodate their needs. People with substantial assets usually have more complex financial portfolios that require a lawyer's advice to avoid legal battles over their wills.
Witnesses
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If you choose to write your own will, the Thomson Reuters website called Findlaw recommends dating and signing it in the presence of two adults. However, Findlaw says Vermont requires that three adults be present for the signing of a will. Most states also require that all witnesses watch the signing together before they sign the document themselves. In its review of do-it-yourself will kits, Bankrate notes software that includes state-specific documents to help users create wills that meet state requirements. Kiplinger's WillPower by tax services provider H&R Block is one such computer program, and it also helps users estimate the future value of their assets.
Conditions
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Avoid going overboard with adding conditions to your will because some may not be legal, so they can't be enforced if your will is challenged in court. Even if the conditions are enforceable, you would have to find someone to oversee that their carried out. For example, Findlaw notes that you could require one of your heirs to finish college before receiving any money from your estate. Yet you would need to entrust a lawyer or someone else to verify that person actually received a college degree before the money is distributed.
Preparation
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Prepare your will long before you think you'll need it, especially if you have young children. People often don't think about making a will until they become senior citizens. However, if you don't name guardians in a will to take care of your children in the event of your death, a court will appoint guardians for them. The chosen guardians may not be people you would have entrusted to raise your kids. Preparing a will years in advance of needing one doesn't lock you into its declarations. You can change your will whenever you want as long as you're of sound mind. It's wise to change your will as you go through life-changing events, such as getting married or adopting a child.
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Related Searches
References
- Nolo: Making a Will: Are Lawyers Optional?
- FindLaw: How to Make Wills Legal Through Witnesses and Notarization
- FindLaw: What Not To Include When Making a Will
- Bankrate.com: Will Kits: Cheap, Easy and Sometimes Useful
- Evansville (Indiana) Courier and Press: Making a Will Ensures Your Wishes Will be Carried Out; Hannis Pieper; 2010
